Abuja: The Bank of Industry (BOI) has described Nigerian artisans and technicians as the backbone of inclusive economic growth and key to the country's future industrial development. The Managing Director of BOI, Dr. Olasupo Olusi, emphasized this point at the Nigerian Artisans Leadership Summit 2025, held on Wednesday in Abuja.
According to News Agency of Nigeria, the summit, themed 'Unlocking the Inherent Potential of Nigerian Artisans and Technicians', convened artisan leaders, development partners, government officials, and other stakeholders to deliberate on the challenges and opportunities within the informal sector. Olusi, represented by Ms. Mabel Ndagi, Executive Director of Public Sector and Intervention Programmes at the bank, highlighted that the sector, with its more than 12 million artisans nationwide, holds immense potential for grassroots enterprise and national transformation.
Olusi stated that the bank's vision for inclusive development is centered on enabling artisans to thrive through better access to finance, training, and integration into formal economic systems. He remarked that the theme of the summit resonates with the essence of inclusive development, envisioning a Nigeria where talent is nurtured with adequate support, and informal skills are integrated into formal opportunities.
He identified several key challenges facing artisans, such as limited access to affordable finance, outdated equipment, poor business structures, lack of export participation, and inadequate research and development. To address these challenges, BOI has structured its 2025 to 2027 corporate strategy around six thematic pillars, which include supporting Micro, Small, and Medium Enterprises (MSMEs), youth empowerment, skills development, digital economy expansion, climate sustainability, infrastructure investment, and gender inclusion.
Olusi reaffirmed BOI's commitment to providing both financial and advisory support to Nigerian enterprises that sustain local economies and spur national growth. He stated that the vision as a development finance institution is to transform Nigeria's industrial landscape by empowering the enterprises that power the nation, emphasizing that true national development must be cultivated by skilled hands and passionate hearts.
The Artisan Leadership Summit marks another step in BOI's broader drive to deepen financial inclusion, unlock potential within the informal sector, and promote sustainable livelihoods across the country.